CFTC and SEC Jointly Propose Amendments to Form PF

The Commodity Futures Trading Commission (CFTC) voted to jointly propose amendments to Form PF with the Securities and Exchange Commission (SEC), as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

Form PF is the confidential reporting form for certain investment advisers to private funds that are registered with the SEC, including those also registered with the CFTC. The SEC also approved the proposed amendments at a public meeting. The proposed amendments to Form PF reflect the lessons learned over the past decade of private funds filing with the SEC.

The proposed amendments are designed to improve the utility of Form PF data to enhance the Financial Stability Oversight Council's ability to assess systemic risk as well as to bolster the oversight of private fund advisers in light of the growth of the private fund industry. Specifically, the joint proposal would amend Form PF's general instructions as well as Sections 1 and 2.

Earlier this month, CFTC has  filed a civil enforcement action in the U.S. District Court for the District of Nevada against Daniel Shak of Las Vegas, Nevada, charging him with spoofing and engaging in a manipulative and deceptive scheme in the gold and silver futures markets.